Crypto News Worldwide

First posted at https://ethereumworldnews.com/binance-news-update-otc-trading-fiat-on-ramp-s-a-rand-and-flexible-deposits-ltc-trx/

In brief:

• The team at Binance has made 3 major announcements in less than 24 hours. 
• Firstly, Binance launched a new Fiat on-ramp for the South African Rand (ZAR). 
• Secondly, the team launched a new OTC trading portal. 
• Thirdly, flexible deposits are now available for Litecoin (LTC) and Tron (TRX).

The last 24 hours have been an eventful period in both the crypto markets and at the popular exchange of Binance. To begin with, the crypto market capitalization has gained approximately $10 Billion, rising from $175 Billion to $186 Billion in the same time period. Bitcoin (BTC) is currently trading at $6,655 after bouncing off the $6,200 support zone. With respect to the crypto exchange of Binance, the team has consistently made valuable additions to the products and services offered by the platform.

Fiat On-ramp for the S. African Rand (ZAR)

Firstly, the team has announced that the platform now supports the transfer of Rands (ZAR) via bank transfer (EFT). This will enhance how users from South Africa deposit fiat on the platform. Additionally, the exchange has added 5 trading pairs denominated in the ZAR.

• BTC/ZAR
• BNB/ZAR
• ETH/ZAR
• USDT/ZAR
• BUSD/ZAR

Deposits of ZAR are available with immediate effect. However, withdrawals will be active from 9th April, 6am (UTC + 2).

New OTC Trading Portal

Secondly, the team has announced the launch of an OTC trading portal. The service is live with users having the opportunity to receive a request for quotation (RFQ) for trades that are quickly settled directly to their Binance accounts.

However, the minimum trade size is the equivalent of 10,000 USDT. 25 digital assets are currently supported with users having to complete level 2 KYC verification.

TRX and LTC Added to Flexible Deposits

Thirdly, the exchange has added Tron (TRX) and Litecoin (LTC) to the list of supported assets on flexible deposits. This is a value-added service for Binance users who hold idle assets on the platform. Such funds can be lent out to users and the owners earn interest as a result.

Slight Price Increment of Binance Coin (BNB)

As earlier foreshadowed, the price of BNB in the crypto markets has experienced a huge boost from a recent low of $12. It is now valued at $12.77 and looks set to keep moving up as the day progresses.

(Feature image courtesy of Roman Kraft  on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at https://ethereumworldnews.com/why-crypto-acquisitions-will-be-the-norm-after-the-binance-coinmarketcap-deal/

In brief:

• Mid last week, Binance confirmed rumors that it had acquired the popular crypto tracking platform of Coinmarketcap.com. 
• The acquisition elicited mixed reactions from crypto enthusiasts. Some approved the deal while others saw it as a possible hostile takeover compromising Coinmarketcap.
• However, with this major move, Binance has now normalized the process of acquisitions in the crypto-verse. 

Over the years, acquisitions in the crypto-verse have become more common as larger crypto projects seek to enhance their market share as well as increase the types of products and services they offer to the crypto community. The most notable ones have been orchestrated by the CEO of Tron, Justin Sun. In the last few years, the Tron foundation has acquired BitTorrent, DLive, StemmIt, and the Poloniex exchange. In the case of Binance, the crypto exchange has added Coinmarketcap to a long list of acquisitions on its business portfolio. Others include JEX, Trust Wallet, Wazir X and Dapp Review.

Mixed Reactions on the Coinmarketcap Acquisition

As is the norm when one company buys another, concerned investors/customers usually have mixed reactions towards the event. In the case of Coinmarketcap, some users felt the move was beneficial for the entire crypto ecosystem. They postulate that with Binance now funding the platform, the team at Coinmarketcap will concentrate on their vision of providing reliable crypto market data to the crypto community.

However, there are those who feel that Binance’s acquisition is a move to centralize information and thus influencing the crypto ecosystem in their favor. Some feel that there is a high probability of Binance ‘bending’ data to their advantage. This fear has been highlighted via the following tweet.

More Binance Acquisitions in the Pipeline

In January’s New Year message to the Binance community, CZ had hinted that more acquisitions were in the pipeline. In the detailed message, he explained:

As the saying goes, when you can’t beat them, buy them. And this is definitely true for all of our acquisitions. When we identify top talent with a top product that we can’t beat, and the teams share common values, a merger makes sense in most cases.

Binance made no less than 9 full acquisitions in 2019, with only a small number of them being publicly announced so far. There are always a number of deals being discussed at any given time…

Crypto Acquisitions Will Become the Norm

With the proverbial honeymoon period of crypto investing having ended with the 2017 crypto bull-run, many projects launched during that period and soon after, have either thrown in the towel as their finances dwindle, or have already closed shop. Those which have not, are probably hanging by a thread due to the tough economic times over the years. The crypto markets have experienced a massive reduction in market cap from record highs at above $800 Billion in January 2018, to current levels around $190 Billion. Such a contraction is bound to have adverse effects on the majority of crypto projects.

As with all business environments, there are projects that have managed to continue thriving despite the grim prospects of the future. Consequently, such projects will slowly but surely start the process of absorbing their competition or projects that will enhance their operations.

Coronavirus Effect on Crypto Projects

We can also predict that crypto acquisitions will become the norm in the coming months due to another reason: the global economic effects of the Coronavirus. Larger crypto projects will seek out struggling ones and give them an offer they cannot refuse.

(Feature image courtesy of Max Leveridge on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/7fG5AoEM-PY/

Crypto New Media Press

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First posted at https://ethereumworldnews.com/bitcoin-price-analysis-after-failing-to-reclaim-7000-whats-next-for-btc/

In brief:

• Bitcoin exhibited some bullish momentum earlier on in the week. 
• BTC traded briefly at $7,200, dropped below $7,000 and then attempted, with no success, to reclaim this level as support. 
• However, we are back in familiar territory with $6,900 being the level to overcome once again. 

On April fools day, keen crypto traders managed to identify $6,200 as a good support zone for Bitcoin and rode the $1,000 move that soon followed. The King of Crypto traded briefly at $7,200 (Binance rate) only to soon fall back down below $7,000. A second push by BTC was initiated on the 3rd of April but this time around, it could only get to $7,062.

What’s Next for Bitcoin?

When we further look at the charts on our favorite 6-hour time frame, we observe the following.

To begin with, BTC has the following near term support zones: $6,600, $6,200 and $5,800. The King of Crypto also has the previously mentioned $6,900 and the newly acquired $7,200 as additional resistance.

Secondly, the MACD on the 6hr chart looks set to cross above the baseline in a bearish manner with the MFI indicating that Bitcoin might have had a local top at $7,200. Additionally, the trade volume has reduced drastically in the last few days indicating that the King of Crypto is destined to retest the aforementioned support zones.

However, its current value at $6,710 is above the 50 (white) and 100 (yellow) moving averages indicating that unless there are some serious fundamentals forcing a bearish turn of events, these two MAs might just act as additional support for BTC. Another likely scenario is sideways movement until Monday. Therefore, it might just be one of those weekends where we sit back and watch what Bitcoin’s next move will be.

Death Cross Still in Play on the Daily Chart

A fact worth remembering is that the death cross earlier identified on Bitcoin is still very much in play. The 50 daily moving average crossed the 200 daily moving average on the 27th of March. This means that we are still in bearish territory. The daily MFI is currently at 68 indicating that the move up by Bitcoin, might have come to a short break.

In the hours and days ahead, the following support zones might be worth noting down.

• $6,600
• $6,200
• $5,800
• $5,700
• $5,050
• $4,450

(Feature image courtesy of Victor Freitas on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at https://ethereumworldnews.com/tron-trx-ventures-into-defi-with-its-revolutionary-dapp-just/

In brief:

• The team at Tron had been working on a DeFi platform known as Djed. 
• The Mainnet was launched today, April 4th. 
• The DApp has been rebranded to JUST. 

Decentralized Finance, or simply DeFi, has been one of 2020’s highly anticipated use cases of cryptocurrencies and blockchain. As the name suggests, DeFi plans to revolutionize how lending, borrowing, saving and investing is carried out on the blockchain through the use of smart contracts. Initially, all the DeFi applications were being built on the Ethereum network. However, the team at Tron (TRX) has been hard at work with their own DeFi solution initially known as Djed.

Djed Rebranded to JUST

Earlier today, Justin Sun announced the rebranding of Djed to JUST to mark the Mainnet launch of the platform. His tweet making the announcement can be found below.

Djed, the testnet of the TRON stablecoin platform has successfully completed the testings. We are excited to announce that we decided to upgrade brand from Djed to #JUST (Token: $JST Stablecoin: $USDJ) and launch the mainnet on April 4th. Link: https://t.co/8O7H1LGnmH pic.twitter.com/Ta2DLTGCU7

— Justin Sun (@justinsuntron) April 4, 2020

What Exactly is JUST?

The team went on to explain as to why they chose the name JUST for the platform.

JUST means “fair and just”. JUST Foundation aims to create a TRON-based stablecoins lending platform where everything is contract-based, any JST holders can participate in governing the USDJ currency system and achieve decentralized autonomy, where true justice and fairness can be guaranteed.

As mentioned above, Just is the Tron Foundation’s very own stablecoins lending platform. By staking TRX coins, users of JUST can generate USDJ that is pegged to the United States Dollar through Collateralized Debt Positions (CDP). Once the USDJ is generated, it can be withdrawn and used like any other stablecoin. At the time of writing this, only Poloniex supports USDJ.

To unlock the collateral, the debt has to be paid using USDJ and a stability fee paid with the platform’s JST token. The project’s whitepaper further explains the risk of liquidation on JUST.

If a price slump of the collateral makes it at risk of being unable to cover the debt, the CDP liquidation will be triggered to auction the collateral for repayment. Any remaining value net of the debt and the penalty fee will be kept in the CDP for withdrawal.

Conclusion

In summary, many users of Tron and followers of the project knew that it was only a matter of time before DeFi was a reality on the network. With JUST, those who admire the Tron Network’s cheaper and faster transactions will feel right at home.

(Feature image courtesy of Ricardo Gomez Angel on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/m5qhOEG2zVk/

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